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Am I reading it right that you are just getting IBM defined X% rate of return? So even if the market does gang busters, you might get none of that upside?

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First 3 years, yes. After 2026 you either get 3% or whatever the 10Y is yielding, whichever is greater

So now they can literally make money off of this “retirement plan”. Wow

You can bet that some big consultancy is flogging this idea and it will be cropping up far and wide, just like "unlimited time off".

So they're basically switching employees from an investment plan where the employees profit from falling interest rates to an investment plan where IBM profits from falling interest rates.

Except IBM also takes plenty of upside if interest rates stay high too, by paying way below-market yield for the first few years.

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